Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (47 quarters reported)
$270M in Q4 2014 → $11.7B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Madrigal Pharmaceuticals Inc | 9.1% | Unchanged | 1,993,687 | $1.07B |
| Argenx Se | 5.6% | Unchanged | 709,446 | $658M |
| Ptc Therapeutics Inc | 5.4% | Unchanged | 7,746,415 | $632M |
| Protagonist Therapeutics Inc | 5.3% | Added 0.0% | 5,061,175 | $620M |
| Cg Oncology Inc | 5.2% | Added 22% | 8,514,590 | $605M |
| Insmed Inc | 4.4% | Unchanged | 4,842,880 | $516M |
| Tango Therapeutics Inc | 3.7% | Added 4.5% | 13,900,620 | $435M |
| Spyre Therapeutics Inc | 3.2% | Added 1.9% | 4,251,996 | $377M |
| Celcuity Inc | 3.0% | Added 8.7% | 3,304,903 | $346M |
| Erasca Inc | 2.8% | Added 11% | 17,946,754 | $329M |
| Radnet Inc | 2.6% | Added 13% | 4,846,958 | $299M |
| Oruka Therapeutics Inc | 2.6% | Added 53% | 3,139,030 | $299M |
| Natera Inc | 2.3% | Trimmed 20% | 1,000,000 | $271M |
| UP Ultragenyx Pharmaceutical In | 2.2% | Added 114% | 7,796,895 | $260M |
| Irhythm Holdings Inc | 2.2% | Added 31% | 2,182,631 | $260M |
| Cytokinetics Inc | 2.1% | Added 5.2% | 2,862,003 | $244M |
| Kailera Therapeutics Inc | 2.0% | New | 10,776,820 | $237M |
| EL Establishment Labs Hldgs Inc | 1.9% | Unchanged | 2,655,695 | $228M |
| Guardant Health Inc | 1.9% | Unchanged | 1,481,033 | $222M |
| Neurocrine Biosciences Inc | 1.8% | Added 19% | 1,267,925 | $214M |
| Tarsus Pharmaceuticals Inc | 1.8% | Added 0.3% | 3,357,059 | $211M |
| Stoke Therapeutics Inc | 1.6% | Unchanged | 5,623,525 | $184M |
| Uniqure Nv | 1.5% | Added 52% | 3,941,572 | $182M |
| Acadia Pharmaceuticals Inc | 1.5% | Unchanged | 7,144,524 | $181M |
| Repligen Corp | 1.4% | Added 2.9% | 1,240,637 | $169M |
| Urogen Pharma Ltd | 1.4% | Unchanged | 4,543,895 | $167M |
| Gh Research PLC | 1.4% | Unchanged | 5,933,815 | $160M |
| IH Immunocore Hldgs PLC | 1.3% | Unchanged | 4,869,798 | $155M |
| Compass Pathways PLC | 1.3% | Added 0.6% | 10,700,974 | $151M |
| Immatics N.v | 1.1% | Added 0.6% | 12,946,176 | $131M |
| Zai Lab Ltd | 1.1% | Unchanged | 6,574,032 | $125M |
| Immunovant Inc | 1.0% | Unchanged | 3,177,849 | $122M |
| Belite Bio Inc | 0.9% | Unchanged | 715,332 | $110M |
| Xencor Inc | 0.9% | Unchanged | 6,777,461 | $109M |
| Taysha Gene Therapies Inc | 0.8% | Trimmed 0.9% | 13,560,258 | $92.3M |
| Cogent Biosciences Inc | 0.8% | Trimmed 58% | 2,309,021 | $89.4M |
| Alkermes PLC | 0.7% | Unchanged | 1,672,356 | $87.6M |
| Structure Therapeutics Inc | 0.7% | New | 1,607,507 | $86.3M |
| Replimune Group Inc | 0.7% | Added 0.7% | 7,411,581 | $82M |
| Castle Biosciences Inc | 0.6% | Added 0.7% | 2,778,335 | $66.3M |
| Candel Therapeutics Inc | 0.6% | Unchanged | 6,422,018 | $66.1M |
| Rocket Pharmaceuticals Inc | 0.5% | Unchanged | 17,687,772 | $60.5M |
| Kodiak Sciences Inc | 0.5% | Unchanged | 1,487,934 | $58M |
| Aktis Oncology Inc | 0.4% | Unchanged | 1,592,043 | $51.3M |
| Axogen Inc | 0.4% | New | 1,011,576 | $46.7M |
| DD Danaher Corp Del | 0.4% | New | 230,000 | $43.8M |
| Cullinan Therapeutics Inc | 0.4% | Added 39% | 2,364,347 | $43.1M |
| Neurogene Inc | 0.4% | Unchanged | 1,362,456 | $42.8M |
| Hinge Health Inc | 0.4% | Trimmed 74% | 500,000 | $41.5M |
| OB Orchestra Biomed Hldgs Inc | 0.4% | Added 15% | 9,556,063 | $41.2M |
| Solid Biosciences Inc | 0.3% | New | 3,892,926 | $38.9M |
| Savara Inc | 0.3% | Unchanged | 5,952,380 | $36.7M |
| Aquestive Therapeutics Inc | 0.3% | Unchanged | 7,426,471 | $30.9M |
| Kymera Therapeutics Inc | 0.2% | Unchanged | 240,000 | $27.5M |
| Verastem Inc | 0.2% | Added 0.9% | 6,635,793 | $25.3M |
| DT Dianthus Therapeutics Inc | 0.2% | Unchanged | 248,063 | $24.2M |
| Beta Bionics Inc | 0.2% | Trimmed 25% | 1,500,000 | $23.5M |
| Century Therapeutics Inc | 0.2% | Unchanged | 8,695,652 | $21.3M |
| Evommune Inc | 0.2% | Unchanged | 1,502,235 | $20M |
| Beam Therapeutics Inc | 0.2% | Unchanged | 570,394 | $19.6M |
Showing top 60 of 84 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kailera Therapeutics Inc | New | +10,776,820 | +$237M | 2.0% |
| Apogee Therapeutics Inc | Exited | −2,782,097 | −$234M | — |
| Apellis Pharmaceuticals Inc | Exited | −3,685,045 | −$148M | — |
| UP Ultragenyx Pharmaceutical In | Added | +4,148,100 | +$139M | 2.2% |
| Cogent Biosciences Inc | Trimmed | −3,149,654 | −$122M | 0.8% |
| Hinge Health Inc | Trimmed | −1,430,000 | −$119M | 0.4% |
| Cg Oncology Inc | Added | +1,529,782 | +$109M | 5.2% |
| Oruka Therapeutics Inc | Added | +1,080,882 | +$103M | 2.6% |
| Intuitive Surgical Inc | Exited | −220,000 | −$101M | — |
| Structure Therapeutics Inc | New | +1,607,507 | +$86.3M | 0.7% |
Showing the 10 largest of 56 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cg Oncology Inc | Added | +4,972,681 | +$337M | 4.7% |
| Celcuity Inc | Added | +2,489,461 | +$284M | 3.5% |
| Penumbra Inc | Exited | −866,499 | −$269M | — |
| Erasca Inc | Added | +16,010,524 | +$259M | 2.6% |
| Tango Therapeutics Inc | Added | +11,809,392 | +$247M | 2.8% |
| Axsome Therapeutics Inc | Exited | −888,001 | −$162M | — |
| Apellis Pharmaceuticals Inc | Trimmed | −3,981,719 | −$160M | 1.5% |
| Insulet Corp | Exited | −324,600 | −$92.3M | — |
| Masimo Corp | Exited | −683,294 | −$88.9M | — |
| Cogent Biosciences Inc | Trimmed | −2,133,566 | −$82.1M | 2.1% |
Showing the 10 largest of 64 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Avidity Biosciences Inc | Exited | −11,372,829 | −$496M | — |
| Insmed Inc | Added | +1,758,321 | +$306M | 8.4% |
| Akero Therapeutics Inc | Exited | −5,477,561 | −$260M | — |
| IT Irhythm Technologies Inc | New | +1,181,990 | +$210M | 2.1% |
| Apellis Pharmaceuticals Inc | New | +7,666,764 | +$193M | 1.9% |
| Merus N V | Exited | −2,025,277 | −$191M | — |
| Repligen Corp | New | +1,064,000 | +$174M | 1.7% |
| Cogent Biosciences Inc | Added | +4,124,755 | +$147M | 2.7% |
| Natera Inc | Trimmed | −500,000 | −$115M | 3.4% |
| Insulet Corp | New | +324,600 | +$92.3M | 0.9% |
Showing the 10 largest of 73 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Verona Pharma PLC | Exited | −3,051,878 | −$289M | — |
| Merus N V | Trimmed | −1,975,276 | −$186M | 2.3% |
| Zai Lab Ltd | Trimmed | −3,245,504 | −$110M | 1.0% |
| Natera Inc | Trimmed | −593,645 | −$95.6M | 4.0% |
| Alkermes PLC | Trimmed | −3,009,933 | −$90.3M | 0.6% |
| Avidity Biosciences Inc | Added | +1,753,984 | +$76.4M | 6.1% |
| AL Abbott Labs | Exited | −444,000 | −$60.4M | — |
| Cogent Biosciences Inc | New | +3,467,486 | +$49.8M | 0.6% |
| Axsome Therapeutics Inc | Trimmed | −398,020 | −$48.3M | 1.7% |
| Quest Diagnostics Inc | Trimmed | −250,000 | −$47.6M | 0.6% |
Showing the 10 largest of 48 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Axsome Therapeutics Inc | Trimmed | −1,405,826 | −$147M | 2.3% |
| Neurocrine Biosciences Inc | New | +1,062,072 | +$133M | 1.9% |
| Akero Therapeutics Inc | Trimmed | −1,941,779 | −$104M | 4.2% |
| Zai Lab Ltd | Added | +2,400,196 | +$83.9M | 2.8% |
| GM Globus Med Inc | Exited | −1,125,000 | −$82.4M | — |
| Quest Diagnostics Inc | Added | +401,003 | +$72M | 1.3% |
| Alkermes PLC | Trimmed | −2,202,409 | −$63M | 1.9% |
| AL Abbott Labs | New | +444,000 | +$60.4M | 0.9% |
| Guardant Health Inc | New | +856,501 | +$44.6M | 0.6% |
| Soleno Therapeutics Inc | New | +424,408 | +$35.6M | 0.5% |
Showing the 10 largest of 50 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bruker Corp | Exited | −2,481,119 | −$145M | — |
| Axsome Therapeutics Inc | Trimmed | −1,128,636 | −$132M | 5.2% |
| Intuitive Surgical Inc | New | +202,456 | +$100M | 1.5% |
| Verona Pharma PLC | Added | +1,027,781 | +$65.3M | 2.8% |
| GH Ge Healthcare Technologies I | New | +520,000 | +$42M | 0.6% |
| Beta Bionics Inc | New | +3,299,870 | +$40.4M | 0.6% |
| 89bio Inc | Trimmed | −5,510,534 | −$40.1M | 0.2% |
| Dyne Therapeutics Inc | Trimmed | −3,528,074 | −$36.9M | 0.3% |
| Uniqure Nv | Added | +3,361,803 | +$35.6M | 0.7% |
| Verastem Inc | New | +4,245,476 | +$25.6M | 0.4% |
Showing the 10 largest of 50 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Geron Corp | Exited | −44,111,916 | −$200M | — |
| Masimo Corp | Trimmed | −779,106 | −$129M | 1.7% |
| Acadia Pharmaceuticals Inc | Trimmed | −5,002,005 | −$91.8M | 2.4% |
| Verona Pharma PLC | New | +1,821,019 | +$84.6M | 1.3% |
| GM Globus Med Inc | New | +972,000 | +$80.4M | 1.2% |
| Stryker Corporation | Added | +193,300 | +$69.6M | 3.2% |
| Zai Lab Ltd | New | +2,509,119 | +$65.7M | 1.0% |
| Bruker Corp | Trimmed | −1,000,000 | −$58.6M | 2.2% |
| Glaukos Corp | Exited | −386,291 | −$50.3M | — |
| Xencor Inc | Added | +1,827,883 | +$42M | 0.8% |
Showing the 10 largest of 51 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Geron Corp | New | +44,111,916 | +$200M | 2.9% |
| Stryker Corporation | New | +396,921 | +$143M | 2.1% |
| Intuitive Surgical Inc | Exited | −202,456 | −$90.1M | — |
| UP Ultragenyx Pharmaceutical In | Trimmed | −1,291,925 | −$71.8M | 1.6% |
| Oruka Therapeutics Inc | New | +1,850,648 | +$45.4M | 0.7% |
| Axsome Therapeutics Inc | Trimmed | −444,774 | −$40M | 5.4% |
| Vericel Corp | Exited | −801,397 | −$36.8M | — |
| Fulcrum Therapeutics Inc | Exited | −5,845,956 | −$36.2M | — |
| Avidity Biosciences Inc | Trimmed | −673,968 | −$31M | 5.4% |
| Insmed Inc | Trimmed | −368,100 | −$26.9M | 3.5% |
Showing the 10 largest of 46 changes.
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